Condominium Associations Clause Samples
The Condominium Associations clause outlines the rights and obligations of parties in relation to any condominium association governing the property. It typically specifies requirements for compliance with association rules, payment of dues or assessments, and the process for obtaining necessary approvals or documents from the association, such as resale certificates or estoppel letters. This clause ensures that both buyers and sellers are aware of and adhere to the association's regulations, thereby preventing disputes and facilitating a smooth transfer of ownership within a condominium community.
Condominium Associations. (i) Each condominium, timeshare or other form of owner's association organized by the Company or any of its subsidiaries has been duly organized. Each condominium, timeshare or other form of owner's association managed by the Company or any of its subsidiaries in existence with respect to a Resort (each, an "Association"), is duly organized, legally existing, and in good standing under the laws of the state of its incorporation, except where the failure to be so qualified would not have a material adverse effect on an Association. The books and records of each Association are correct and complete in all material respects and all funds collected from VOI owners and others on behalf of the Associations have been properly accounted for in all material respects and expended in all material respects for such purposes as are authorized under the articles of incorporation or by-laws of the applicable Association. For purposes of this Agreement, an Association is managed by the Company or any of its subsidiaries if (i) it has the statutory right to elect or appoint a majority of the members of the Association's board of directors or other governing body and (ii) it is party to a management contract with the Association.
(ii) Correct and complete copies of the most recent audited financial statements and interim unaudited financial statements of each Association have been delivered or made available to Parent. Such financial statements adequately reflect in all material respects the financial condition of each Association as of the dates indicated, and there have been no changes to the Association's financial conditions since the date of its most recent financial statements which would have a material adverse effect on the Association.
(iii) Each Association maintains adequate reserves for deferred maintenance and capital improvements as set forth in the budget approved by such Association, in accordance with the articles of incorporation or by-laws of each Association and applicable VOI Laws.
(iv) The Tax Returns of each Association have been timely filed (giving effect to all extensions) and are true, correct and complete in all material respects, and copies of such Tax Returns for the most recent tax year have been delivered or will be delivered, as promptly as practicable following the date hereof to Parent.
Condominium Associations. Time Share Arrangements.55 Section 4.27 No Payments to Employees, Officers or Directors...57 Section 4.28 Potential Conflicts of Interest...................57 Section 4.29
Condominium Associations. 21 (j) FairShare Plus Program.........................................22 (k) Absence of Certain Changes or Events...........................23 (l) Compliance with Applicable Laws; Litigation....................24 (m) Taxes..........................................................25 (n)
Condominium Associations. Tenant shall perform all of Landlord’s obligations under any condominium or community association declarations and by-laws whether identified as a Restrictive Agreement or not, and Tenant shall pay, when due, all dues and assessments imposed pursuant to any such instrument.
Condominium Associations. Notwithstanding anything in this Lease to the contrary, the proceeds from any condemnation or other taking distributed in accordance with a condominium association or other community association declaration, whether listed as a Restrictive Agreement or not, shall be distributed in accordance with the terms of this ARTICLE 17.
Condominium Associations. Borrower and/or its Affiliates shall control any condominium association established pursuant to that certain Declaration of Master Association Covenants, Easements and Restrictions for Treasures on the Bay, recorded at OR Book 23946, Page 4567 in the land records of Miami-Dade County, Florida (as amended, modified, restated, or supplemented from time to time, the “Master Declaration”) or that certain Declaration of Condominium of Treasures on the Bay III, A Condominium, recorded at OR Book 25577, Page 2115 in the land records of Miami-Dade County, Florida (as amended, modified, restated or supplemented from time to time, the “Condominium Declaration”), including, without limitation, Treasures on the Bay Master Association, Inc. (“Master Association”) and Treasures on the Bay III Condominium Association, Inc. (“Local Association”). LOAN AGREEMENT - Page 26 667404; Miami-Dade County – Florida
Condominium Associations. In addition to the Master Community Association referred to in Section 4.01 above, Developer may elect, in its sole and absolute discretion, to establish one or more condominium associations for any of the multifamily residential buildings or commercial buildings included within any Phase of the Project which will include all of the owners of any units within such buildings (each, a “Condominium Association”). Developer will register the condominium with the Commonwealth of Virginia and a Condominium Declaration and Bylaws, as well as Condominium Plat and Plans will be recorded by Developer on those portions of the Property included within the applicable Phase of the Project on which the multifamily residential buildings or office buildings, as applicable, will be constructed (the “Condominium Instruments”). The Condominium Instruments will be recorded in the land records of Fairfax County, Virginia. The Condominium Instruments shall be prepared in accordance with Applicable Laws.